SCTE(SH:600674) Minsheng Securities·2024-08-16 14:30Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [2][3]. Core Views - The company reported a revenue of 603 million yuan for the first half of 2024, representing a year-on-year increase of 10.24%. The net profit attributable to shareholders was 2.302 billion yuan, up 9.74% year-on-year [2]. - The improvement in water inflow has positively impacted the company's hydropower generation, which reached 2.005 billion kWh in the first half of 2024, a year-on-year increase of 17.87% [2]. - Investment income contributed significantly to profits, with total investment income of 2.412 billion yuan, a year-on-year increase of 4.88% [2]. Financial Performance Summary - Revenue for 2024 is projected to be 1,482 million yuan, with a growth rate of 4.4% [3]. - The net profit attributable to shareholders is expected to reach 4.4 billion yuan in 2024, reflecting a growth rate of 25.2% [3]. - Earnings per share (EPS) for 2024 is estimated at 0.90 yuan, with a price-to-earnings (PE) ratio of 20 [3]. Operational Highlights - The company has expanded its installed capacity to 36.83 million kW, with equity capacity at 16.37 million kW [2]. - The average on-grid electricity price for hydropower decreased by 2.03% year-on-year to 0.241 yuan/kWh, while the average on-grid price for photovoltaic power dropped by 17.81% to 0.517 yuan/kWh [2]. - The company has made significant investments in its core subsidiary, Yalong River Company, which is expected to continue generating substantial investment income [2].